Ethereum's price dropped to $1,410 on April 7, marking its lowest level since March 2023, resulting in over $370 million in leveraged ETH futures liquidations. Despite this decline, professional traders remain optimistic, as indicated by Ethereum's on-chain metrics. The 30-day futures premium improved to 4%, suggesting limited bearish sentiment at prices below $1,600. Concerns about global trade tensions and a potential recession are affecting cryptocurrency demand, especially with the US Federal Reserve's uncertainty on interest rate adjustments. Additionally, Ethereum developers postponed a significant upgrade initially scheduled for April to May 7. However, derivative data shows that traders are not fully bearish, as the ETH options skew indicates a moderate outlook. The total value locked (TVL) in Ethereum reached an all-time high of 30.2 million ETH, signaling strong network confidence, even as macroeconomic factors pose challenges. Overall, while bearish sentiment persists, there are signs of resilience in the Ethereum market.

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